Custom Formula Collection
Elder Ray and The Force Index
Please refer to Dr. Elder for interpretation.
Here are the formulas for calculating the Elder Ray, and the Force Index.
Bull Power: H - Mov(C,13,E) (High minus the moving average)
Bear Power: L - Mov(C,13,E) (Low minus the moving average)
To plot the Elder Ray:
- Create the two custom formulas from above.
- Open the base security.
- Plot a 13-Period Exponential Moving Average of the closing price in a new inner window.
- Drag the Bear Power formula and drop it in a new inner window.
- Drag the Bull Power formula and drop it in a new inner window.
- Or, you may drop all three indicators in the same inner window if you wish.
The formula for the force index is:
NOTE: This formula requires the presence of volume data to work
To plot this formula as a histogram, after dropping the formula in an inner window, right click on the indicator and select properties. Select styles and choose the histogram.
For additional help with formulas, please see the Formula Primer.
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